18,139 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Purchased by Point72 DIFC Ltd

Point72 DIFC Ltd acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 18,139 shares of the company’s stock, valued at approximately $559,000.

Several other hedge funds have also recently bought and sold shares of CRDO. Price T Rowe Associates Inc. MD raised its holdings in shares of Credo Technology Group by 10.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after buying an additional 6,813 shares in the last quarter. CWM LLC boosted its stake in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Credo Technology Group during the 2nd quarter valued at approximately $1,908,000. Diversified Trust Co increased its position in Credo Technology Group by 8.1% during the 2nd quarter. Diversified Trust Co now owns 26,798 shares of the company’s stock worth $856,000 after purchasing an additional 2,017 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new position in Credo Technology Group in the 2nd quarter valued at approximately $256,000. 80.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total value of $276,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,885,840 shares in the company, valued at approximately $79,908,909.60. This trade represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the transaction, the chief financial officer now owns 656,456 shares in the company, valued at $31,824,986.88. This represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,193,441 shares of company stock valued at $41,362,270 over the last 90 days. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $74.23 on Friday. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $75.32. The firm’s fifty day moving average is $42.84 and its 200-day moving average is $33.63. The firm has a market cap of $12.41 billion, a P/E ratio of -494.87 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 2.97% and a negative net margin of 9.70%. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRDO. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday. Craig Hallum upped their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday. Mizuho boosted their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. TD Cowen raised their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Needham & Company LLC boosted their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $67.33.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.